Huntsman Raises Free Cash Flow Target; Announces Plans For Pigments Unit IPO

(RTTNews) - Huntsman Corp. (HUN) announced that, as a result of the strong first-quarter earnings and improving outlook for the remainder of the year, the company now expects to generate more than $450 million of free cash flow in 2017. The company said it continues efforts to separate Pigments and Additives division (known as Venator) and are targeting an IPO or spin during the upcoming summer.

Peter Huntsman, CEO, said: "Within the first quarter we saw positive business trends develop such that earnings for all our divisions exceeded early quarter expectations. Our cash flow provided from operating activities was $93 million. Strong earnings fueled free cash flow delivery of $82 million which includes $54 million of insurance proceeds, an improvement of $95 million compared to the prior year first quarter."